Deutsche Bank to Shrink Workforce by 35,000 in Broad Revamp


Deutsche Bank AG on Thursday said it would eliminate thousands of jobs and shut operations in several countries, the latest European bank taking sweeping action to arrest declining profits.

The biggest lender in Europe’s most powerful economy will cut 35,000 jobs from its payroll and make a raft of other changes to fix a bank its new co-Chief Executive John Cryan described as saddled with broken technology and “poor historic behavior.”

Like other European banks, Deutsche Bank is facing headwinds on several fronts, as profitability is hit by tougher regulations and capital requirements, volatile market conditions and stiffer competition from global rivals, particularly U.S. banks.